2007-04-09 14:08:13 · 3 answers · asked by kyle 1 in Business & Finance ➔ Taxes ➔ United States
Depending on the amount IRS will grant an Installment Agreement. An installment agreement fee is $105.00. It better to try to borrow the money and pay in full. Interest and penalties are high.
If you owe then you should change your w4 filing change it to "0" and if you do have at at 0 then ask your employer to take and additional $25.00 or more out from each paycheck.
2007-04-09 15:29:30 · answer #1 · answered by Ms. Angel.. 7 · 0⤊ 0⤋
You have a couple of options. The best one is to borrow the money from a friend or family member. You could ask the IRS for an installment agreement but they charge interest at 8% compounded daily so if you don't pay it off soon you will end up paying a lot more.
You can pay by credit card but like businesses the credit card companies charges the IRS 3% of the purchase for the use of their credit card. Since the IRS is a government agency they forward that cost on to you and again this will cost you more.
Whatever you do make sure you pay so you are not hit with the failure to pay penalty and end up paying more in the long run than had you used the installment agreement.
2007-04-09 21:27:08 · answer #2 · answered by The Answer Man 2 · 0⤊ 0⤋
Can you put any on your credit card?
2007-04-09 21:11:39 · answer #3 · answered by Squirrlee-1 3 · 0⤊ 0⤋